Shake Shack $SHAK has gone through a classic period of accumulation throughout 2016-2017, with a classic bullish breakout, pullback and confirmation in late 2017 into 2018. Then, the share price just took off.SHAK daily Chart(click to enlarge)Breakout and Confirmation:- As noted above and seen on the daily chart, price broke out in late 2017. Then, in 2018 when price pulled back, it respected the $37.50 area, which meant it held above the 200-day simple moving average (SMA) and the middle of the previous consolidation range.- This was a very strong confirmation of the bullish breakout, and the market followed through after earnings pushing price all the way to $70. Bearish Correction:- It has since formed a double top and is currently in a bearish correction mode.- The bearish correction might still have some more room to fall. - I think the $50 area, where the 200-day SMA resides, will be a good place to anticipate support.- The weekly chart shows that this is also a previous resistance pivot. Price might also be challenging a rising trendline.- Furthermore, the RSI is likely going to approach 40. In a bullish market, the RSI should hold above 40. Assessing Risk of Being Right vs. Wrong:- Being right meaning price will at least bounce back to the $68-$70 highs from June/July. - Being wrong meaning price falls below $44, at which point we have to reconsider the bullish outlook. Then if price holds under $50, the likelihood of a bearish market increases. At this point, we would probably not see price back to the $68-$70 for a while. - A break below $44 could be a bad sign for the bullish outlook. Therefore as price approaches $50, the risk of being wrong is mitigated, and the potential gain for being right will increase.SHAK Weekly Chart(click to enlarge)